REG - Landore Resources Ld - BAM Gold Project Update

Landore ResourcesAnnouncement

16/09/2024 07:00

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RNS Number : 2331E  Landore Resources Limited  16 September 2024

LANDORE RESOURCES LIMITED

BAM Gold Project Update

 

London, United Kingdom - 16 September 2024 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or the "Company"), is pleased to provide an
update on current and planned activities/work streams in relation to advancing
its flagship BAM Gold Project ("BAM" or the "Project"), located in Junior
Lake, Ontario, Canada.

Further to the appointment of Alexander Shaw as Chief Executive Officer,
Landore Resources has commenced a full review of BAM, which currently has a
National Instrument 43-101 ("NI 43-101") compliant resource estimate of 1.5Moz
of gold, and embarked on a number of technically focused workstreams.  These
include an evaluation of the currently available geological data and
reinterpretation of existing assays in order to implement more focused
exploration and resource definition programmes, designed to optimise further
the prospective economics of the Project and increase the Company's overall
understanding of the deposit.

Summary of key ongoing and planned activities:

·     Appointment of a structural geologist to conduct analysis and
increase understanding of the controls on BAM's mineralisation. He will be
working in conjunction with TECT Geological Consultancy, a leading South
African-based structural geology consultancy, who will be conducting onsite
studies from 12 to 18 September 2024.

·     A soil sampling programme commenced in August 2024, focusing along
strike to the east of the existing BAM deposit. This will be completed ahead
of winter's freezing conditions.

·     Targeted channel sampling is planned to commence in Q4 2024,
focusing on known outcrops along strike to the east of the currently
identified BAM deposit.

·     Infill sampling of historical drill core in areas of interest
identified following reinterpretation of the existing geological model.

·     The technical activities outlined above, are designed to enhance
BAM's existing geological model, identify potential gaps and maximise
understanding of the orebody architecture.

·     Gold deportment studies and additional metallurgical test work are
also planned in order to build on the work previously reported.

·     Review and refinement of the current geological and mineralisation
models is identifying new areas of interest and high value drill targets
within the existing ore body. A 3,500m drilling campaign will therefore
commence once optimised target areas have been defined. These target areas are
highly prospective extensions of previously undrilled mineralised domains and
areas of interest identified within the previous mineral resource estimate.

·     The planned forthcoming drilling campaign will provide greater
clarity on the structure of the orebody, prove the validity of the block model
and increase overall confidence in the grade size and continuity of the
resource. The Company will provide a further detailed update on progress at
BAM in Q4 2024, including results from the abovementioned mapping, modelling
and sampling campaigns.

In addition, Landore Resources announces that it will be hosting a webcast
question and answer session for shareholders with Alexander Shaw, CEO, on the
Investor Meet Company ("IMC") platform on 23  September 2024 at 10.00 a.m.
(London time). Those investors interested in attending should register on:
https://www.investormeetcompany.com/landore-resources-limited/register-investor
(https://www.investormeetcompany.com/landore-resources-limited/register-investor)
.

 

Landore Resources' CEO, Alexander Shaw, commented:

"I am highly encouraged by our ongoing and planned activities at our flagship
BAM Gold Project. The findings of the planned technical work will provide a
far stronger guide as to how the Company can best maximise the potential of
this exciting and highly prospective gold asset.

The technical workstreams, including soil and channel sampling, will
significantly contribute to our understanding of the ore body and greatly
assist the planned additional exploration drilling. We aim to deliver value
accretive results and further optimise our understanding of BAM as an open pit
as well as a potential underground operation.

BAM is a valuable gold deposit and similar in size and structure to many known
deposits across the region, many of which are currently being mined.  We
believe that even with much lower spot prices than where gold sits today, the
value upside in BAM is highly significant.

As such, we look forward to presenting regular updates on the results of our
ongoing exploration and definition programmes in due course."

 

- ENDS -

For further information, please contact:

Landore Resources Limited

Alexander Shaw (CEO)

contact@landore.com

 

Strand Hanson Limited (Nominated Adviser and Joint Broker)

James Dance/Matthew Chandler/Robert
Collins

Tel: 020 74093494

 

Novum Securities Limited (Joint Broker)

Jon Belliss/Colin Rowbury

Tel: 020 73999402

 

Burson Buchanan (Financial PR)

Bobby Morse (landore@buchanancomms.co.uk)

Tel: 020 74665000

 

About Landore Resources

Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM
Gold Project, Northwestern Ontario, Canada, which has an NI 43-101 compliant
resource estimate of 1.5m oz Au (Indicated: 1.03m oz from 30.96Mt @ 1.0g/t;
Inferred: 467,000oz from 18.3M/t @ 0.8g/t). Ontario is Canada's largest gold
producing province, and produced 3.9m oz, accounting for 41% of Canada's total
gold production in 2023. Landore Resource's strategic objective is to
crystallise value from BAM's last estimated NPV of US$333.6m @ US$1,800/oz
spot (from May 2022 PEA), as well as generating additional value from its
non-core portfolio of precious and battery metals projects in eastern Canada
and the USA.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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